These are the four investments that will more than double Leicestershire County Council’s property portfolio.

As it stands the investments total £100m but the overall value is set to grow to £260m by 2022 according to the corporate asset investment fund annual report.

Airfield Farm Business Park in Market Harborough, Loughborough Science and Enterprise Park (LUSEP), Leaders Farm in Lutterworth and Vulcan Business Park in Coalville will cost the authority a combined total of just under £37.5 million.

The investments, which are all due to be complete before June 2020, will bring in £2.1 million a year in rental income.

Investing in property has generated Leicestershire County Council £2.7m in the last 12 months – and the return is set to rise to £10m a year by 2022.

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The extra cash is being ploughed into fixing and preventing potholes, and other front line services, reducing the impact of national funding reductions.

Deputy council leader Byron Rhodes said: “By bringing new life to old commercial sites and building new workspaces we’re making it attractive for companies to set up shop in Leicestershire, creating hundreds of jobs and investment.

“Every investment opportunity is rigorously assessed and it’s good news that our portfolio is performing better than the industry average.

“Crucially, it means we can invest extra money into vital front line services.

“We’re injecting £5m into tackling potholes over the next two years, bringing down the inconvenience to people who use our roads, and are exploring how we can bolster social care services, supporting vulnerable people.”

Land and units are bought using one-off pots of capital money.

The council already has an extensive list of commercial, rural and industrial property.

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The portfolio is currently generating just under 12 per cent return on investment, above the industry benchmark.

It currently owns...

Five office sites worth £25.9 million

16 industrial sites across the county worth £12.4 million

Two Leicestershire-based distribution sites worth £1 million

Nine development sites worth £14.6 million

38 rural sites across the county worth £18.8 million

Six sites, categorised as other, worth £1.1 million

The council also has £20.4m in pooled property investments and £7.1m of private debt.

Earlier this year it was revealed that the authority had purchased Embankment House in Nottingham and adjourning development land for £12.6 million, and three office buildings on a business park in Lichfield for £11.4 million.

Coun Rhodes said at the time that he expects the two buildings to bring in £5 million a year.

The four sites

Airfield Farm Business Park, Market Harborough

Airfield Business Park could grow by 80,000 sq ft to offer space for small firms and ones looking to expand

Description: 80,000 sq ft to offer a wide range of premises for fledgling firms and companies looking to expand.

Completion date: September 2019

Development cost: £7,130,000

Rental income: £480,000 per year

Yield: 6.8%

Loughborough Science and Enterprise Park (LUSEP)

Description: 100,000 sq ft office space

Completion date: June 2020

Development cost: £24,250,000

Rental income: £1,600,000 per year

Yield: 6.6%

Leaders Farm, Lutterworth

Description: 90,000 sq ft industrial units

Completion date: June 2019

Development cost: £2,080,000

Rental income: £140,000 per year

Yield: 6.7%

Vulcan Business Park, Coalville

This is what Vulcan Park is set to look like (Image: Leicestershire County Council)